If you have given up on the dream of buying a luxury property in India, before even checking the properties, read about these trends before you make a final decision.
It’s very clear, conditions for home buying in India are optimal. Considering today’s economy, interest rates are all time low, banks have decreased interest rates for savings accounts as well, property rates are within reach, at least in cities like Bangalore and a huge demand for housing is there. Never in the last couple of years, any such conditions were there, but this is the time when owning a property is a clear sign of profit.
In the next five years, things will be better for those who choose to buy properties in Whitefield, Bangalore and those interested in investment, real estate is and will remain the best area to park your money in. If you own a property, don’t think about selling it unless it’s necessary, or if you’re still not having one, read on to know why you should have one.
- Luxury properties haven’t been this affordable
Mortgage rates are at a remarkably low level. That means you don’t have to pay more on monthly repayments. Your EMI will, of course, depend on the amount you take, but the payment will be reasonable and you won’t be paying a huge amount for the interest rate. At this time, when market conditions are highly favourable for buyers, the value of the earnings an income property can bring cannot be ignored.
- Rental prices are going up
Even when the mortgage rates are at an all-time low, home ownership is still difficult for many people who are paying rent. The reason behind why people are suffering financial crisis is the rising rental price. With demand, the costs are going up and only the investors who are planning to buy property this time will get benefited. A rise in rental prices is a good signal for those choosing to buy a rental property for assured monthly income.
- Money is easily available
Of course, it is not growing on trees, but beyond a bank loan, there are a large number of ways to fund your investment in real estate. There’s no doubt about the fact that your credit history will play a crucial role no matter what kind of loan you take, but beyond conventional methods, private capital investors are available who are ready to finance in exchange for a part of the returns you earn.
- Home ownership is easy today
Being a landlord today is no more a headache. With technology-based solutions in real estate market, finding and verifying tenants is easy. You don’t need to wait for too long to find the right tenant, you can easily meet dozens of home seekers and interview them without spending so much of your time. If you are buying remotely, choose a property manager and make this easier.
It’s your time to take a decision. Do it as soon as you can.